KUALA LUMPUR: Trading on Bursa Malaysia may be quiet with some mild upside bias on Friday, Dec 11 following the firmer overnight close on Wall Street but overall trading volume may be thin due due to the holidays in Selangor in conjunction with the Sultan's birthday.On Wall Street, US stocks rose as signs of improving trends in the job market and a decline in the U.S. October trade deficit reassured investors the economy was on a steady growth path, according to Reuters.
The Dow Jones industrial average was up 68.78 points, or 0.67 percent, at 10,405.83. The Standard & Poor's 500 Index ended up 6.40 points, or 0.58 percent, at 1,102.35. The Nasdaq Composite Index closed up 7.13 points, or 0.33 percent, at 2,190.86.
Stocks to watch on Friday are PETRA PERDANA BHD [], PETRA ENERGY BHD [], SP SETIA BHD [], BERJAYA SPORTS TOTO BHD [] Toto and LCL Corp Bhd.
Petra Perdana may have found a buyer for a block of its 55% stake in Petra Energy, according to documents obtained by The Edge Financial Daily.
S P Setia Bhd, Malaysia's largest property developer in terms of market value, is targeting at least RM1.6 billion worth of real estate sales for its current fiscal year as pent-up demand for big-ticket items may be unleashed on the back of an economic recovery.
The developer's target for the financial year ending Oct 30, 2010 (FY10) could be deemed modest considering it had already raked in some RM300 million in November 2009, being the first month of FY10.
BToto posted a net profit of RM102.54 million in the second quarter ended Oct 31, 2009 (2Q10), a decline of 9.8% from RM113.74 million achieved in the corresponding quarter of FY08.
Revenue for the three months fell 9.0% to RM857.10 million from RM941.79 million in 2Q09, which had seen strong sales due to the high jackpot of the Mega Toto 6/52 game.
Earnings per share were 7.62 sen from 9.06 sen previously. The lower prize payout in the quarter under review helped mitigate the decrease in profit as a result of lower revenue.
LCL Corp Bhd has defaulted on payments due to its bankers totalling RM72 million due to the fallout from the Dubai financial crisis.
LCL Furniture Sdn Bhd was RM69.4 million in arrears on general line credit and blanket contract financing facilities with Affin Bank Bhd, and RM2.6 million in arrears on Murabahah working capital financing with Bank Islam Malaysia Bhd.
The interior fit-out company said the company and its subsidiaries had been unable to meet its repayment obligations as the group had been severely impacted by the recent financial turmoil in Dubai.
MAGNA PRIMA BHD [] (Magna Prima) unit Twinicon (M) Sdn Bhd has entered into a sale and purchase (S&P) agreement to acquire a 22,280 sq m parcel of land in Bukit Jalil from Santari Sdn Bhd (Santari) for RM10.7 million cash.
MTD CAPITAL BHD [] is awaiting further advice from the Philippine government after its 30% associate company Manila Toll Expressway Systems, Inc (MATES) was prevented from taking over the operation of the South Luzon Expressway (SLEX).
KENCANA PETROLEUM BHD [] is bidding for RM4 billion worth of projects around the world. It submitted bids for 15 projects in resource rich locations such as Malaysia, India, Australia, the Middle East and Indochina, and expected the results of those bids to be revealed in four months.
Its order book of RM800 million that would keep it busy until 2010.
EMAS KIARA INDUSTRIES BHD [] unit Emas Kiara Geo Services Sdn Bhd has accepted a RM49.76 million contract from WCT CONSTRUCTION [] Sdn Bhd for sub-contact work on the new LCC Terminal at KL International Airport.
SIME DARBY BHD [] subsidiary Sime Darby Property Bhd (SDPB) is selling Caring Skyline Sdn Bhd (CSSB) to Green Ridge Enterprises Ltd for US$20 million (RM68 million).
Sime Darby said the parties had entered into a share sale agreement for the disposal of the 100% interest in CSSB, an investment holding company which has a 49% stake in PT Bhumyamca Sekawan, whose principal activity was in the renting of commercial and industrial space.
Written by Loong Tse Min
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